Slides
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Audiocast presentation 12 February 2026 Full year and fourth quarter 2025 results
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2 Forward looking statements This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product developments and regulatory approvals and financial performance. Camurus is providing the following cautionary statement. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations, and it may cause any or allof our forward-looking statements here or in other publications to be wrong. Factors that may affect future results include currency exchange rate fluctuations, delay or failure of development projects, loss or expiry of patents, production problems, unexpected contract, patent, breaches or terminations, government-mandated or market-driven price decreases, introduction of competing products, Camurus‘ ability to successfully market products, exposure to product liability claims and other lawsuits, changes in reimbursement rules and governmental laws and interpretation thereof, and unexpected cost increases. Camurus undertakes no obligation to update forward-looking statements.
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3 Agenda • Introduction and highlights • Financial performance • Commercial development • R&D pipeline update • Key take-aways • Q&A Company participants Fredrik Tiberg, PhD President & CEO, CSO Anders Vadsholt Chief Financial Officer Richard Jameson Chief Commercial Officer
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4 Camurus snapshot Rapidly growing commercial stage company • Established in Europe and Australia – expanding to the US • Leader in opioid dependence treatment Unique FluidCrystal® technology platform • Commercially validated • License agreement with Eli Lilly for long-acting incretins Advancing late-stage pipeline with blockbuster potential • Prospect for multiple new approvals in endocrinology and rare disease indications Strong operational and financial performance • Sustainable profitability since 2022 Listed on Nasdaq Stockholm Ticker CAMX; Employees: 2900+
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Business highlights
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6 Key accomplishments in 2025 Global leadership in long-acting treatments of opioid dependence Continued progress with Buvidal® and Brixadi® Approvals of Oczyesa® in the EU and UK and first launch in Germany Establishment of US commercial infrastructure in the US License agreement with Eli Lilly & Co. for long-acting incretins Positive clinical results in polycystic liver disease and overweight/obesity Improved sustainability performance and ratings
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7 0 500 1 000 1 500 2 000 2 500 2021 2022 2023 2024 2025 MSEK 1868 1717 956 601 2265 -200 0 200 400 600 800 1 000 •Profit beforetax Revenue growth and high profitability •Revenues 933 553549 73 -112 2021 2022 2023 2024 2025 MSEK
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8 Financial & corporate development Commercial execution Advancing R&D pipeline • Global leadership position in long- acting opioid dependence treatment • Brixadi quarterly royalties grew 47% (82% CER) YoY to SEK 122 million • Buvidal quarterly sales SEK 341 million, down 27% YoY (17% at CER)* • Oczyesa® launch initiated in Germany • Preparations for US launch of Oclaiz • Oclaiz NDA for acromegaly resubmitted to the FDA – PDUFA date 10 June 2026 • Positive topline Phase 1b results for CAM2056 – monthly semaglutide • Lilly long-acting incretin programs progressed according to plan Fourth quarter performance YoY – year-on-year; QoQ – quarter-on-quarter; CER – constant exchange rate; PDUFA – Prescription Drug User Fee Act approval date • Total revenues decreased 16% YoY (3% CER) to SEK 464 million* • Profit before tax of SEK 127 million, down 17% YoY (0% CER)* • Cash position SEK 3.7 billion • New license agreement with Gubra * SEK -93 m one-off inventory buyback related to a change in the UK distribution model
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Financial performance
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10 Reported Q4 profit and loss YTD – year-to-date; CER – Constant Exchange Rate; bps – basic points MSEK Oct – Dec 2025 Change vs. 2024 CER Change vs. 2024 YTD Jan – Dec 2025 Change YTD vs. 2024 CER Change YTD vs. 2024 Total revenues 464 -16% -3% 2,265 +21% +30% Gross margin 428 92.2% -181bps -19bps 2,109 93.1% +4bps +50bps Marketing and distribution costs -137 -12% -4% -528 +7% +13% Research and development costs -125 -25% -22% -517 -24% -23% Administrative expenses -47 +91% +98% -180 +98% +101% Other operating expenses -6 - - -10 - - Operating result 113 24.3% -32% +4% 874 38.6% +86% +123% Profit before tax 127 27.3% -32% 0% 933 41.2% +69% +98%
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11 111 7 144 -46 -6 3515,0 3726,0 Cash end Q3 25 Operating activities ESOP 22/26 Working capital Investing activities Other Cash end Q4 25 3400,0 3450,0 3500,0 3550,0 3600,0 3650,0 3700,0 3750,0 3800,0 Improved cash position . MSEK Operating activities ESOP 22/26 Working Capital Other Cash end Q4 2025 Cash end Q3 2025 Investing activities
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12 Financial Outlook 2026 •Key considerations ‒ Market conditions in current macroeconomic environment • Anticipated market dynamics and competitive developments • Pricing conditions and reimbursement landscape • Clinical progress and regulatory outcome • Macroeconomic uncertainties ‒ Investments in organization and R&D in 2026 • Increase of SEK 200 million for scaling up US operations for the anticipated launch of Oclaiz • R&D expenditure are expected to increase by ~SEK 150 million ‒ Scope of guidance • Outlook includes only revenues from product sales (incl. royalty and relevant sales milestones), but excludes potential licensing revenues from new and existing development partnerships * At Constant Exchange Rate (CER) Full year 2026 outlook* Revenue SEK 2.6 – 2.9 billion Midpoint + 21% vs. 2025 Operating results SEK 0.9 – 1.2 billion Midpoint + 20% vs. 2025
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Commercial development
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14 Buvidal – in market double-digit YoY growth •Reported sales UK distributor change ‒ Q4 sales were SEK 341 million, down 27% YoY (17% at CER)* ‒ Annual sales were SEK 1,751 million, up 6% (12% at CER) •Underlying growth was robust across markets ‒ Fourth quarter in-market growth est. to 5% vs Q3 2025 • Australia – continued progress from high base • Nordics – strong performance in NO, SE, and DK • UK – recovered as funding reaching criminal justice sector ‒ Full-year 2025 in-market growth est. to 17% vs 2024 • Nordics and Australia grew 15% • Positive contribution of 21% from larger European markets with low penetration and high potential (UK, DE, FR, ES) ‒ Est. number of patients in treatment reached 70,000 •Patients in treatment with Buvidal* * Sales through Camurus’ partner in the US excluded 0 20 000 40 000 60 000 80 000 2019 2020 2021 2022 2023 2024 2025 Patients in treatmentwithBuvidal* * Patients in treatment with Buvidal at the end of the year ~70,000
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15 Significant growth opportunity for Buvidal in larger European countries •High access markets ‒ Australia, Nordics, Scotland and Wales • Average patient share 35% of total 100,000 treated patients • Continued double-digit growth expected in 2026 •High potential, limited access markets ‒ England, Germany, France and Spain • Single digit patient share of total 500,000 patients in treatment • Steady growth of ~20% expected in 2026 • Large upside if funding situation is resolved in UK or France and when renumeration change is implemented in Germany •Expansion markets ‒ Including IT, PT, AT, CH, BE, IE, SI and MENA • Single digit patient shares of total 100,000 patients • Expected growth in double-digit range in 2026 from smaller base High access markets Limited access, high potential markets Limited access, expansion markets
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16 Focus on high-potential, limited access markets •UK ‒ Recent reports supporting increased uptake of LAIB ‒ Demand increasing for expanded access ‒ Wide stakeholder support from CJ, internal affairs and health depts •Germany ‒ Change in remuneration system proposed ‒ Growing support for LAIB access ‒ e.g. Bavarian parliament workshop LAIB – long-acting injectable buprenorphine •Policy affair programs gaining wide stakeholder support •France ‒ New parliament reports proposing better access to LAIB ‒ National and regional funding being secured •Spain ‒ Buvidal label restriction (2 nd line) now removed ‒ Initiatives to facilitate transfer from methadone to LAIB
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17 26 45 58 83 74 89 111 122 0 20 40 60 80 100 120 140 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 MSEK Brixadi royalty by quarter Brixadi market performance in the US •High double-digit growth ‒ Royalty in Q4 2025 up 47% (82% at CER) vs Q4 2024 • Up 10% (14% at CER) vs previous quarter ‒ Full-Year royalty and sales up 87% (113% at CER) vs 2024 • Brixadi est. market share ~30% of LAIB segment • LAIB ~10% of total BPN market, growing more than 20% YoY ‒ US LAIB market exceeded USD 1 billion in 2025 •Expecting continued market penetration in 2026 ‒ Focus on conversion from daily sublingual BPN, with an estimated 2 million treated patients ‒ Improve access for people who are not currently in treatment or in the criminal justice system ‒ Communicate the growing evidence-base and clear value proposition of Brixadi to patients and society CER – constant exchange rate; LAIB – long-acting injectable buprenorphine; YTD – year-to-date 2024 2025 Salesat CER1
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18 Oczyesa® - launching the first monthly subcutaneous octreotide depot1-3 Autoinjector pen Oczyesa is indicated for maintenance treatment in adult patients with acromegaly who have responded to and tolerated treatment with somatostatin analogues. 1 5-fold bioavailability vs octreotide LAR with potential for improved efficacy1,2,5 Stored at room temperature and ready to use1,4 Autoinjector pen with a hidden, thin (22-gauge) needle 1,4 LAR – Long-acting repeatable 1. Oczyesa® Summary of Product Characteristics (SmPC), Camurus AB, Sweden. June 2025; 2. Tiberg F et al. Br J Clin Pharmacol 2015;80:460–72; 3. Pavel M et al. Cancer Chemother Pharmacol 2019;83:375–85; 4. Ferone D et al. J Clin Endocrinol Metab 2025;110:1729–39; 5. GlatardA et al. Clin Pharmacokinet. 2025;64(7):1079-1092. Convenient and easy self- administration to improve patients’ treatment experience1-3 Internal photographic material
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19 Positive start of the Oczyesa launch in Germany •Launch in Germany started in November 2025 ‒ Promising initial response from patients and HCPs • Product profile resonates with patients and physicians • Specialist sales team out in the market ‒ >20 patients in treatment with Oczyesa end-of 2025 • Representing ~1% market share ‒ Significant penetration expected in 2026 •Additional European launches underway ‒ Pricing and reimbursement submissions made • UK/Norway approved, Sweden/Denmark in progress ‒ Launch ready organization • Sales teams in place ~10 sales representatives, 5 MSLs HCP – healthcare professional; MSL – medical science liaison; SoC – standard-of-care; SRL – somatostatin receptor ligand 1Ref.; 2Ref.; 3Camurus data on file Denmark GermanyUK Sweden Norway Oczyesa wave 1 countries Significant opportunity in wave 1 markets – Est. 3,000 – 5,000 acromegaly patients currently on SRL SoC1 – Additional 500 - 800 new patients start treatment every year 2 – Market research indicate 30-60% willing to switch to Oczyesa 3
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20 Gearing up for Oclaiz US launch mid-2026 •Camurus’ US team launch ready ‒ Core team has focused on • Market research and planning • Brand development • Go-to-market strategy • Market access and pricing • Advocacy and engagement • Distribution Q1 2026 Q2 2026 Q3 2026 • PDUFA date 10 June • Sales team onboarding • Launch readiness US LAUNCH • Sales leadership • Medical information and advocacy • Execute sales marketing plan • Sales force deployment • HCP and patient education
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Pipeline update
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22 Octreotide SC depot, CAM2029 CAM2029 is a long-acting octreotide in development for three serious rare disease indications Acromegaly Gastroenteropancreaticneuroendocrine tumors (GEP-NET) Polycysticliver disease (PLD) Designed for enhanced efficacy and patient convenience vs. current somatostatin receptor ligands (SRLs)
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23 Openlabelextension Comprehensive CAM2029 clinical program Timelines are indicative. PK – Pharmacokinetic; PD – Pharmacodynamic; RCT – Randomized control trial; LST – Long-term safety trial; ACRO – Acromegaly, GEP-NET – Gastroenteropancreatic neuroendocrine tumors; PLD – Polycystic liver disease; SRL – Somatostatin receptor ligands ACROINNOVA 2 Phase 3 LST Open label, long-term safety and extension trial in partial and full SRL responders ACROINNOVA 1 Phase 3 RCT Randomized, double-blind, placebo-controlled trial in SRL responders SORENTO Phase 3 RCT Active controlled Phase 3 trial in patients with metastatic/ unresectable GEP-NET POSITANO Phase 2/3 RCT Randomized, double-blind, placebo-controlled Phase 2/3 trial in patients with PLD 5 completed Phase 1 and 2 clinical trials characterizing PK, PD and safety in healthy subjects and patients Openlabelextension Openlabelextension Fully recruited Fully recruited -2023 Positive results Positive results Positive results Positive results 2024 2025 2026 2027 2028
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24 *Oczyesa®, octreotide subcutaneous depot, for the maintenance treatment in adult patients with acromegaly who have responded to and tolerated treatment with somatostatin analogs ACROINNOVA Phase 3 program completed European commission granted marketing authorization for Oczyesa 30 June 2025* MHRA approved marketing authorization for Oczyesa in the UK 28 August 2025* Oclaiz NDA resubmission for treatment of acromegaly, accepted by FDA with PDUFA date 10 June 2026 Oclaiz NDA resubmission with PDUFA date in Q2 2026
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25 CAM2029 GEP-NET update SORENTO Phase 3 start Q4 2021 SORENTO fully enrolled Q4 2023 Target number PFS events exp. mid to late 2026 Subcutaneous Octreotide Randomized Efficacy in Neuroendocrine TumOrs Recent scientific symposium at NANETS1
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26 Orphan drug designation for PLD in EU and US Positive POSITANO study results in June 2025 Orphan designation for ADPKD in the US and EU End-of-phase 2 meeting with FDA in March 2026 Polycystic liver Safety and efficacy TriAl with subcutaneous Octreotide CAM2029 PLD update
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27 Positive results from Phase 1b study of monthly semaglutide More rapid and greater reduction of body weight, A1c and fasting glucose compared to weekly semaglutide Well tolerable with a consistent safety profile* * Dose escalation well tolerated up to highest initiation in group 5, which showed tendency for more GI events
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28 Phase 1b study of once-monthly semaglutide •Randomized Phase 1b study comparing CAM2056 with once-weekly semaglutide (Wegovy®) ‒ Assessing pharmacokinetics, pharmacodynamics and safety in 80 participants with overweight or obesity * Lower strength 5mg Study design 5mg End of treatment Day 1Screening Part A randomized Part B dose escalation R 0.25mg 0.5mg 1.0mg 1.7mg 2.4mg Day 29 Day 57 Day 85 Day 113 Day 140 1.25mg 5mg*2.5mg 1.25mg 2.5mg Group 1 Group 2 Group 3 Group 4 Group 5 Dosing occasion Wegovy CAM2056 CAM2056 2.5mg 5mg 10mg CAM2056 5mg 10mg 15mg CAM2056 n=16 n=16 n=16 n=16 n=16
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29 Greater reductions in body weight and blood glucose levels with CAM2056 Weight reduction A1c reduction Data on file -1,6 -2,7 -5,2-5,3 -8,0 -9,3 -15 -10 -5 0 Body weight change from baseline (%) Weekly semaglutide Wegovy) CAM2056 Group 4 Day 29 Day 57 Day 85 0,03 0,01 -0,12-0,10 -0,38 -0,44 -0,8 -0,6 -0,4 -0,2 0 0,2 HbA1c change from baseline (%) Weekly semaglutide (Wegovy) CAM2056 Group 4 Day 29 Day 57 Day 85
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30 Next steps – CAM2056 •Preparation for Phase 2b study 2026, including ‒ Dose initiation and escalation schedule established in Phase 1b study ‒ Extended treatment exposure to establish long term safety ‒ FDA advisory meeting ‒ Expected study start H2 2026 •Parallel preparations for Phase 3 ‒ Progress final product presentation ‒ Authority discussions Potential indications • Type 2 diabetes • Weight management • Inflammation • Neuropsychiatric disorders • Substance use disorders
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Strategic priorities in 2026
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32 Clear path to sustainable value creation Commercial execution excellence Pipeline with blockbuster potential Partnerships and M&A opportunities Supported by strong operations and financial performance • Strengthen market leadership in opioid dependence treatment • Successful launch in acromegaly • Progressing partnerships with Lilly and Gubra • Potential new transactions • Securing US approval of Oclaiz • SORENTO read-out in GEP-NET • Sustainable profitability since 2022 • SEK 3.7 billion in net cash
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Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286 57 30│info@camurus.com│camurus.com Q&A
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34 < Shareholders and analyst coverage Shareholders as of 31 January 2026 Number of shares % of capital % of votes Sandberg Development AB 18,280,692 30.5 30.5 Fourth Swedish National Pension Fund 2,929,277 4.9 4.9 Swedbank Robur Fonder 2,303,858 3.9 3.9 Vanguard 1,589,299 2.7 2.7 Handelsbanken fonder 1,506,898 2.5 2.5 Fredrik Tiberg, CEO 1,500,000 2.5 2.5 Carnegie Fonder 1,304,049 2.2 2.2 Capital Group 1,228,245 2.1 2.1 Avanza Pension 1,215,745 2.0 2.0 AFA Försäkring 916,012 1.5 1.5 BlackRock 812,027 1.4 1.4 Länsförsäkringar Fonder 790,741 1.3 1.3 Norges bank 727,171 1.2 1.2 Jupiter Asset Management 717,348 1.2 1.2 Baillie Gifford & Co 551,275 0.9 0.9 Other shareholders 23,507,547 39.3 39.3 In total 59,880,184 100.0 100.0 Analysts DNB Carnegie Erik Hultgård Handelsbanken Suzanna Queckbörner Jefferies Shan Hama Nordea Viktor Sundberg Pareto Dan Akschuti Stifel Oscar Haffen Lamm SEB Christopher Uhde ABG Sundal Collier Georg Tigalonov-Bjerke Kempen Romy O’Connor Danske Bank Gonzalo Artiach Castañon Redeye* Richard Ramanius Source: Modular Finance, Monitor report * Not commissioned by Camurus
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35 Experienced and committed management team PSP units – Performance Share Plan units Markus Johnsson Senior VP R&D In Company since: 2003-2017, 2019- Holdings: 16,000 shares and 2,918 PSP units Education: Ph.D. in physical chemistry and M.Sc. in chemistry from Uppsala University. Previous experience: More than 20 years of experience from pharmaceutical development and project management Fredrik Joabsson, PhD Chief Business Dev. Officer In Company since 2001 Holdings: 40,170 shares and 2,918 PSP units Education: M.Sc. in Chemistry, PhD in PhysicalChemistry, Lund University Previous experience: More than 20 years of experience in pharmaceutical R&D, business development, alliance management and investor relations. Richard Jameson Chief Commercial Officer In Company since: 2016 Holdings: 29,193 shares and 6,082 PSP units Education: B.Sc. in Applied Biological Sciences from University West of England Previous experience: General Manager, UK & Nordics for Reckitt Benckiser (2010 – 2013) and Area Director Europe, Middle East and Africa for Indivior (2013 – 2016). Behshad Sheldon President Camurus Inc. In Company since 2024 Holdings: 1,000 shares, 2,000 employee options and 2,918 PSP units Education: B.Sc. in Neuroscience from University of Rochester Previous experience: More than 25 years of experience from the international pharma industry, including President & CEO of Braeburn Pharmaceuticals and senior positions within Smithkline Beecham, Bristol-Myers Squibb and Otsuka Pharmaceuticals. Agneta Svedberg VP Clinical Dev. In Company since: 2015 Holdings: 22,987 shares and 2,918 PSP units Education: M.Sc. In Radiophysicsand B.Sc. In Medicine from Lund University, ExecutiveMBA from ExecutiveFoundation Lund Previous experience: More than 25 years of experience in drug development, incl. as COO at Zealand Pharma, CEO of Cantargia, Senior VP Clinical Development at Genmab. Maria Lundqvist Head of Global HR In Company since 2021 Holdings: 2,918 PSP units Education: B.Sc: in Business and Economics, Uppsala University. Previous experience: More than 20 years of experience of leadership roles within Human Resources, including HR Director Nordics at Teva Pharmaceuticals and HR positions at Tetra Pak, Vestas and AstraZeneca. Annette Mattsson VP Regulatory Affairs In Company since: 2017 Holdings: 2,004 shares and 2,918 PSP units Education: Bachelor of Pharmacy, Uppsala University and Business Economics, Lund University Previous experience: More than 25 years of experience within regulatory affairs, including European RA Director/Global RA Lead at AstraZeneca and Global RA Lead at LEO Pharma. Fredrik Tiberg, PhD President & CEO, CSO In Company since 2002 Holdings: 1,500,000 shares, 42,000 employee options and 13,500 PSP units Education: M.Sc. in Chem. Eng., Lund Institute of Technology, PhD and Assoc. Prof. Physical Chemistry, Lund University. Previous experience: More than 20 years executive leadership experience from the pharmaceutical industry. Prof Physical Chemistry, Lund University; Visiting Prof at Oxford University; Section Head, Inst. for Surface Chemistry. Anders Vadsholt Chief Financial Officer In Company since: 2025 Holdings: 2,300 PSP units Education: M.Sc. In Corporate Law and Economics, Copenhagen Business School, and MBA, University of Melbourne Previous experience: More than 25 years experience in corporate finance, venture capital, and the biotech industry, incl. Orphazyme A/S, MinervaX ApS, and Topotarget A/S. Alberto M. Pedroncelli Chief Medical Officer In Company since 2023 Holdings: 1,000 shares, 20,000 employee options and 1,500 PSP units Education: MD University of Milan. Ph. D. endocrinology post-graduate school University of London Previous experience: Head of Clinical Development and Medical Affairs Recordati, Senior Leadership positions Novartis, clinician and research fellow Dept. Endocrinology, University Hospital Bergamo, Italy Bo A. C. Tarras-Wahlberg VP Legal & Group General Councel In Company since 2024 Holdings: 2,918 PSP units Education: LLM from Lund University and studies at Queen Mary College Previous experience: More than 20 years of experience as lawyer and from international senior legal positions, incl. as Assoc. General Counsel at Baxter, Gambro, legal private practice and as law clerk at District Court. Susanne Lagerlund VP, Technical Operations In Company since 2023 Holdings: 250 shares and 2,618 PSP units Education: M. Sc. Chemical Engineering and studies Business Econoics, Lund University Previous experience: More than 30 years of experience from pharmaceutical industry, including Global Regulatory CMC Director at AstraZeneca, VP Regulatory Affairs at Cantargia, and Global Portfolio Lead at LEO Pharma.